No Ohio jobs will be cut as a result of the agreement, and there are no plans for any immediate changes to workers’ pay or benefits, according to Robert C. Warren Jr., Cascade’s president and CEO.
Cascade, which is headquartered in Portland, Ore., is an international manufacturer and distributor of materials handling attachments and replacement parts for the lift truck and construction industries worldwide. The Springfield location manufactures lift truck attachments, while the Findlay location manufactures lift truck forks, Warren said. Cascade will become a wholly owned subsidiary of the Japan-based company known as TICO, which is a global materials handling, automotive, textile machinery and logistics company and a leading manufacturer of lift trucks.
“We’re hoping that this is a good opportunity for growth,” Warren said. However, Warren also said, “I would not anticipate anything as far as (more) jobs. They are acquiring our current business, and we didn’t have any plans for expansion (before the agreement).”
Cascade and TICO are attempting to create a leading global materials handling business with a spectrum of products and a valuable platform for growth with the transaction, according to a news release.
“Cascade Corporation has a strong reputation for providing customers with the latest technology in materials handling attachments for lift trucks and is widely considered to be the innovative leader with high-quality, customizable products,” said Tetsuro Toyoda, TICO president and representative director. “We’ve long known Cascade as a reliable and world-class supplier to our materials handling business, and we look forward to better meeting our customers logistical needs by broadening our lift truck business. We remain committed to serving all of Cascade’s customers.”
TICO will acquire 100 percent of the shares of Cascade for $65 per share in cash in a transaction valued at $759 million pursuant to a tender offer. The purchase price represents a 23 percent premium over Cascade’s volume-weighted average share price for the 60 days that ended Oct. 19.
“This is a high testament for everyone at Cascade, given the fact that a world-class company wants to acquire us at a premium (price),” Warren said. “It’s due to our hard work and dedication to our customers.”
Next year, Cascade Corp. will have its 70th anniversary.
About the Author